Innogy to buy Belectric Solar & Battery in renewable expansion
FRANKFURT Aug 29 (Reuters) - Innogy SE, the network and renewable unit German utility RWE plans to list this autumn, said it agreed to buy Belectric Solar & Battery to bolster its position in energy storage and photovoltaics.
Innogy will pay a high double-digit million euro amount for the group, it said in a statement on Monday. German Belectric Solar & Battery had adjusted core profit (EBITDA) in the low double-digit million euro range last year.
Founded in 2001, Belectric has built 1.5 gigawatts peak (GWp) of photovoltaic plants and systems and is in charge of operating and maintaining more than 1.0 GWp, focusing on Europe, Middle East and Northern Africa, India, South America and the United States. (Reporting by Christoph Steitz; Editing by Jonathan Gould)
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